Issue 71: Issuance Surges
- Sharmila Whelan
- Jul 9
- 1 min read
9 July 2026
Asia has been paying down US dollar debt and this has helped external debt sustainability. Regional corporate bond markets have continued to expand rapidly, but issuers are favouring local-currency over foreign-currency borrowing. Geopolitical uncertainty, higher US Treasury yields, a stronger US dollar and growing expectations that the Fed's next move will be to raise interest rates have all contributed. However, the primary driver has been the widening cost advantage of borrowing in local rather than foreign currency..
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